So, here is a question for you: What is the quickest way to grow your business?
In the constant hustle to meet client demands, it’s easy think you just need to work harder and win more clients (or sell more product) to get ahead.
The truth is, you could be maximizing your profits with minimal effort. This is called customer value optimization.
What Is Customer Value Optimization?
Imagine customer value optimization (CVO) in terms of talking to a hungry customer entering your restaurant.
You have already done the work to set up your business and a hungry customer walks in and orders a burger. You take their order and, clever restaurateur that you are, you’re about to get your customer value optimization on. Ready for it?
“Would you like fries and a drink with that?” you ask.
“Yes please,” they reply.
You just optimized the heck out of that transaction.
In essence, CVO is adding value to each transaction beyond your core offering. The customer was already in the store. All you had to do to optimize their experience was to offer bundled, related products with their order. The customer receives extra value (they are now enjoying a meal instead of just a burger) and you have just increased your profits.
Customer value optimization is the process of ensuring that each of your customers receive all the goods or services they need from you during a given transaction. If you hadn’t asked them if they wanted the combo, they would have received what they asked for, but the experience could have been better for them and you could have made more money.
What Should the Result of CVO Be?
If you are optimizing customer value then business, growth will happen. Your customers will, on average, spend more money per transaction and end up more satisfied with what they have purchased. Since the value, they are receiving is greater, they are more likely to return.
In short, you should see:
- Increased customer spending per-transaction
- Increased customer satisfaction and return business
- Increased customer counts over the long-term
How Can Solutions 8 Help?
Solutions 8 can offer a whole range of services to help build, grow, and scale your business.
We can generate foundational content and optimize your website to increase your search visibility. We can help you with funnel design and content to make sure that you are offering the right products to the right people.
You have done the hard work of starting a business and providing great products for your customers. We can help those customers find you and get the most from their experience with you. Request a call from us and let us tell you how we can take your business to the next level.